Factors Comparison
Promoting transparency for better pension outcomes
Factors Explained
The GPTB ranks 15 countries on public disclosures of key value generation elements for the five largest pension fund organisations within each country.
The GPTB focuses on the transparency and quality of public disclosures with quality relating to the completeness, clarity, information value and comparability of disclosures.
The overall country benchmark scores were derived from an equal weighting of four factors: governance and organisation; performance; costs; and responsible investing. 188 questions were asked and 14,100 individual data points were analysed.
Cost
Five elements were examined across the cost factor, with 57 questions analysed across the components of: total fund cost disclosures; asset class level disclosures; external management fee disclosures; transaction costs; and member service cost disclosures.
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Performance
Performance scores were based on up to 43 questions across seven criteria: total fund (or investment option) returns and value added; asset class returns and value added; clarity and quality of return and benchmark disclosures; asset mix and portfolio composition disclosures; explanation of risk management policies and specific risk disclosures; explanation of key results and outlook; member service goals, plans and service level reporting; and funded status disclosure discussion of assumptions and risks.
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Select a factor
Cost.
Overall Results Cost.
Overall Ranking
1.The Netherlands
2.Canada
3.Australia
4.Switzerland
5.Sweden
6.Brazil
7.United Kingdom
8.Denmark
9.South Africa
10.Norway
11.United States
12.Chile
13.Japan
14.Finland
15.Mexico
Governance.
Overall Results Governance.
Overall Ranking
1.Canada
2.Australia
3.Sweden
4.Denmark
5.United Kingdom
6.South Africa
7.Finland
8.The Netherlands
9.Chile
10.Norway
11.United States
12.Brazil
13.Switzerland
14.Japan
15.Mexico
Performance.
Overall Results Performance.
Overall Ranking
1.United States
2.Canada
3.Sweden
4.Australia
5.Switzerland
6.Netherlands
7.Finland
8.Japan
9.Norway
10.United Kingdom
11.South Africa
12.Denmark
13.Chile
14.Mexico
15.Brazil
Responsible Investing.
Overall Results
Responsible Investing.
Overall Ranking
1.Sweden
2.The Netherlands
3.Denmark
4.Canada
5.Finland
6.Norway
7.United Kingdom
8.Australia
9.South Africa
10.United States
11.Switzerland
12.Japan
13.Brazil
14.Chile
15.Mexico
Insights
Norway SWF tops list of most transparent funds globally
Government Pension Fund Global, Norway’s giant sovereign wealth fund, has topped the list of the...
Canada, The Netherlands lead the way on pension transparency
Canada is a standout in the transparency of pension fund reporting, topping the list of countries...
GPTB 2023: The funds that excelled
The highest scoring funds overall in the 2023 Global Pension Transparency Benchmark were also...
Transparency improvements but more work needed on cost disclosure
Funds around the world improved their scores on responsible investment disclosure by more than on any of the three other factors assessed in the...
Funds need to evolve governance disclosures
While funds around the world do a good job of disclosing governance frameworks related to financial and investment risks, as revealed in the GPTB, but what is best practice for communicating governance around addressing large, one-off events such as the impact of COVID or war?
GPTB shows pension transparency improvement
The transparency of pension fund disclosures has improved in the past year across the 15 countries and 75 pension funds measured in the Global Pension Transparency Benchmark, a collaboration between Top1000funds.com and CEM Benchmarking.
Innovation needed on fund disclosure of corporate strategy
A minority of pension funds reviewed for the GPTB publicly disclosure their organizational strategy in a way that goes beyond disclosures of economic and market conditions and the impact on the performance of their investments. Michael Reid argues there is room for improvement in communicating key corporate activities to stakeholders.
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CEM Benchmarking is an independent provider of cost and performance benchmarking information for pension funds and other institutional asset owners worldwide. It believes ‘what gets measured gets managed’ and is deeply committed to helping clients run cost-effective operations that generate value for their stakeholders. With vast industry knowledge and a robust database spanning 28 years and $10+ trillion in AUM, CEM helps more than half of the world’s top 300 pension schemes understand and manage their costs and performance. CEM also facilitates better pension outcomes by sharing cutting edge research derived from its proprietary databases.
    
Top1000funds.com is the market leading news and analysis site for the world’s largest institutional investors. It focuses on leading the global investment industry to continuous improvement through case studies of best practice in governance and decision making, portfolio construction and efficient portfolio management, fees and costs, and sustainable investing. The publication pushes the industry to question whether status quo processes and behaviours to tackle risks and opportunities will be sufficient in the future, and actively campaigns for diversity, sustainability, transparency, innovation and better alignment of fees in the investment industry. Top1000funds.com is read by investment professionals in more than 40 countries.
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